Consolidation and merger of corporations

Attorney General Bonaparte informs President Roosevelt of his meeting with Charles B. Morrison regarding the Standard Oil case. Morrison reported that Standard Oil magnates had met with Frank B. Kellogg and himself confidentially to come up with a settlement that would “preserve them from a criminal prosecution.” Bonaparte told Morrison that the government could not deal more favorably with the Standard Oil Company as compared with the Drug Trust and that the whole matter would have to be presented to President Roosevelt for consideration. Bonaparte also mentions other matters, including correspondence from Governor Charles E. Magoon of Cuba and the present situation in Oklahoma Territory.

Collection

Library of Congress Manuscript Division

Creation Date

1907-09-08

Ambassador White would like President Roosevelt to know that he was not aware of the alleged law providing for the compulsory combination of Sicilian sulfurs, although he had heard of another threatened combination. White will find out more on his return to Rome and will send relevant documents to the President.

Collection

Library of Congress Manuscript Division

Creation Date

1906-12-10

President Roosevelt holds a vicious-looking dog labeled “federal law” as men labeled “corporation,” “business,” “combination,” “wealth,” and “enterprise” run away or hide. Caption: President Roosevelt — “Don’t be afraid, gentlemen; he will hurt only the crooks.”

comments and context

Comments and Context

The second term of Theodore Roosevelt’s presidency represents a period of reform that was unprecedented in American history, and arguably matched by not exceeded by the flurry of executive and legislative activity of the New Deal (1934-1938) and Great Society (1964-1965) in subsequent decades.

“J. P. Morgan,” as a huge piper, plays a pipe labeled “Merger,” leading a pack of diminutive corporate investors labeled “Ship Owner, Bank Pres., Wall Str. Operator, Rail R. Magnate, Broker, [and] Corpor[a]tion Lawyer” followed by the general populace. Among them is a “Reporter” with a large-frame camera balanced on his knee. In the background, European countries show their displeasure. Caption: His music enchants the world.

comments and context

Comments and Context

The specific inspiration for Keppler’s cartoon was a spate of activities that put Morgan in the public’s eye at this time. This, despite his notable dislike of publicity and public attention (although his photographic portrait by Alfred Stieglitz might have launched a number of caricatures). Just at this time J. P. Morgan initiated controversial takeovers and consolidations of businesses in the United States and abroad, in new fields for him, in order to effect vertical combinations in industries (controlling every phase of production). News stories dominating headlines often involved his goals and involvements: the Northern Securities trust case, the Anthracite Coal strike, and the purchase of shipbuilding companies and trans-Atlantic shipping lines, for instance.

President Roosevelt addresses the current state of legislation in Congress regarding federal oversight of combinations. He informs Seth Low that he would be forced to veto certain measures brought forth by Congressmen who have been speaking with Victor Morawetz, who is counsel for J. P. Morgan. If necessary, Roosevelt will make his views clear in a message to Congress. Although some of the proposed work could be done by the courts, Roosevelt cites the work of the Interstate Commerce Commission as an illustration of why supervisory power should lie with the executive branch.

Collection

Library of Congress Manuscript Division

Creation Date

1908-04-01

President Roosevelt thanks Benjamin Ide Wheeler for the information on irrigation and the merger suit.

Collection

Library of Congress Manuscript Division

Creation Date

1902-04-21

President Roosevelt enjoyed the Morris article and would like to speak with Albert Shaw on the “merger suit business.”

Collection

Library of Congress Manuscript Division

Creation Date

1902-03-04

A man with a paper labeled “oppressive trusts” stubs his foot on a face in the shape of President Roosevelt’s face and with the label of “Sherman Anti-trust Law.” Secretary of the Treasury Leslie M. Shaw and Attorney General Philander C. Knox, who holds a “merger decision” paper, look on. “Congress” is in the background.

Collection

Library of Congress Manuscript Division

Creation Date

1904-04-16

This article discusses Secretary of War William H. Taft’s visit to Seattle, Washington, and the speech he delivered arguing for equal justice for capital and labor. Taft stated that he was fine with business combinations as long as they did not injure others. The article includes a copy of the entire speech.

Collection

Library of Congress Manuscript Division

Creation Date

1907-09-10

The United States Senate directs Attorney General Charles J. Bonaparte to inform the Senate whether he has instituted legal proceedings against the United States Steel Corporation relating to its absorption of the Tennessee Coal and Iron Company in 1907, or whether he has issued an opinion related to the legality of this absorption.

Collection

Library of Congress Manuscript Division

Creation Date

1909-01-04

An oversized man labeled “Promoter” sits atop a ticker tape machine, holding a large butterfly net into which a throng of investors fly. Some labeled “Broker, Merchant, [and] Banker” are tossing money in exchange for balloons labeled “Sash and Door Combine Stock, American Beet Sugar Co., Distillery and Warehouse Co. Stock, American Caramel Co., Auto-Truck Co. Stock, Print Cloth pool Stock, Chicago Milk Co., Knit Goods Co. Stock, [and] International Silver Co.” One balloon labeled “Inflated Industrial” has burst. Caption: With reference to these large combinations of capital which are now forming, my own judgment is that the danger is not so much to the community at large as it is to the people who are induced to put their money into the purchase of the stock.–Attorney-General Griggs.

Collection

Library of Congress Prints and Photographs

Creation Date

1899-04-26

A man labeled “Infant Industries” is having a seizure in front of Uncle Sam and Columbia. Columbia, holding a purse labeled “High Protection,” is giving him a hand-out while Uncle Sam reaches into his pocket. Caption: Whenever he spots an easy-looking couple, he flops and has one.

Collection

Library of Congress Prints and Photographs

Creation Date

1912-03-20